{"id":1972,"date":"2022-03-03T07:20:08","date_gmt":"2022-03-03T07:20:08","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=1972"},"modified":"2022-03-03T07:20:09","modified_gmt":"2022-03-03T07:20:09","slug":"thorchain-rune-rallies-on-record-trading-volumes","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/thorchain-rune-rallies-on-record-trading-volumes\/","title":{"rendered":"ThorChain (RUNE) Rallies on Record Trading Volumes"},"content":{"rendered":"\n

An asset that was largely forgotten and displaced in the past few months, ThorChain (RUNE)<\/a> is now among the most active altcoins. RUNE rose by more than 47% in a week, to trade at $5.35, with expectations of more to come.\u00a0<\/p>\n\n\n\n

RUNE is now expected to repeat its highs above $20, and possibly reach valuations to compete with the likes of Solana (SOL) and Terra (LUNA). In the past day, trading volumes for RUNE rose to above $348M, a record in all of the asset\u2019s trading history. <\/p>\n\n\n\n

ThorChain lagged for some time, as it was one of the lesser known networks. RUNE has nothing to do with VeThor (VTHO), an asset belonging to VeChain (VET), an older network dealing with the Internet of Things. ThorChain has goals to break into into DeFi and build up its collateral value. <\/p>\n\n\n\n

ThorChain Bridges Build DeFi Value<\/strong><\/h3>\n\n\n\n

ThorChain has already built up a protocol for cross-chain liquidity, bridging between several widely used blockchains, including Bitcoin (BTC)<\/a>. The bridging works as a form of decentralized trading.\u00a0<\/p>\n\n\n\n

ThorChain had temporary problems with its cross-chain smart contracts, as hackers attacked some of the assets and took away as much as $8M in ETH. However, the protocol recovered and looks like it\u2019s making a comeback.<\/p>\n\n\n\n

ThorChain still has around $186M in value locked, lagging behind the biggest concentrations of DeFi collaterals. One of the drawbacks of ThorChain is that it hosts bridges for assets like Bitcoin Cash (BCH) and Litecoin (LTC) which are more rarely used for DeFi.<\/p>\n\n\n\n

ThorChain also does not carry any specific DEX or other collateralized projects. Instead, the protocol itself works to aggregate deposits and perform swaps between its small selection of assets. <\/p>\n\n\n\n

Terra Integration Set Off RUNE Rally<\/strong><\/h3>\n\n\n\n

The chief source of hype for RUNE is the upcoming integration of the Terra ecosystem and the Terra USD (UST) stablecoin. A similar effect of adding UST worked to lift NEAR Protocol to a higher price tier. <\/p>\n\n\n\n

UST is one of the fast-growing stablecoins, specifically used and distributed among DeFi protocols and games. ThorChain will thus carry both LUNA and UST. <\/p>\n\n\n\n

In addition to integrating Terra, ThorChain will also add the Cosmos (ATOM) ecosystem, bringing together new sources of collaterals and DeFi activity. The additions arrived some time before the planned tests and a new mainnet launch for ThorChain.<\/p>\n\n\n\n

Mainnet Date Not Set Yet<\/strong><\/h3>\n\n\n\n

For ThorChain, the event of a full mainnet launch may take some time. There is no set date, but the project will go through a series of testing milestones. The mainnet launch and expansion of the ecosystem is seen as a source of bullish news, possibly lifting RUNE to a much higher tier. <\/p>\n\n\n\n

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I hold my prediction on $RUNE<\/a> rallying to 30 awaiting mainnet to 120 upon launch, to 380 in less than 12 months probably to 7xx in less than 18 and 4 digits sometime in the next 2 years and top 10. Its a 24 month forecast, crazy. @THORChain<\/a> @monero<\/a> @terra_money<\/a> RT.<\/p>— ARPU – Hopium Predictor as voted by the community (@AR__PU) March 1, 2022<\/a><\/blockquote>